Back in the double-top phase of 2021, we observed a noticeable increase in Ethereum transaction outflows, signaling that whales were exiting near the top.
However, despite a structurally similar setup today, we are not seeing the same signs of exit activity.
Since 2020, Ethereum’s dominance has gradually declined with the emergence of similar L1 and L2 assets.
Yet, even in 2024 and beyond, this specific transaction flow data still shows a strong correlation with Bitcoin’s price trends.
Written by Mignolet
